Recorded RBI impact
Fine: Rs 3.00 L
Monetary penalty · Fresh imposition
Published by RBI
20 Jul 2026
Case Brief
RBI imposed a monetary penalty of ₹3 lakh on The United Puri-Nimapara Central Co-operative Bank Limited, Odisha by order dated July 14, 2026. The action followed a statutory inspection by NABARD and a show-cause notice process. RBI found that the bank had failed to upload customer KYC records to the Central KYC Records Registry (CKYCR) within the prescribed timeline, constituting non-compliance with RBI directions on KYC, and imposed the penalty under the Banking Regulation Act, 1949.
Why RBI Acted
RBI imposed a monetary penalty on the bank under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, following supervisory findings and a show-cause process. The sustained charge was non-compliance with RBI directions on KYC, specifically failure to upload KYC records of customers to CKYCR within the prescribed timeline.
Operating Impact
The bank must absorb the penalty and strengthen its KYC compliance processes, especially timely CKYCR uploads. The action does not by itself invalidate customer transactions, but it signals regulatory scrutiny and leaves open the possibility of further RBI action if compliance gaps persist.
Regulatory Basis
- section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949
Action Facts
- Primary Impact
- Fine: Rs 3.00 L
- Order Date
- 14 Jul 2026
- Effective From
- 14 Jul 2026
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Co-operative bank